ENVELBAG: what changed
ENVELBAG
Largest movements
- Receivables within one year -€268,025
down €268,025 (-45.9%), from €583,696 to €315,671
of which Other amounts receivable: -€193,444
- Tangible fixed assets +€110,935
up €110,935 (+260%), from €42,724 to €153,659
of which Plant, machinery and equipment: +€119,775
- Cash +€69,382
up €69,382 (+93.5%), from €74,211 to €143,593
mainly Receivables within one year (+€268,025) and Debts after one year (+€112,000)
- Deferred charges and accrued income -€25,358
down €25,358 (-78.6%), from €32,277 to €6,919
- Stocks and contracts +€12,611
up €12,611 (+9.2%), from €137,560 to €150,171
- Other debts -€266,335
down €266,335 (-81.7%), from €326,047 to €59,712
- Debts after one year +€112,000
new in 2025: €112,000
- Profit (loss) carried forward +€69,910
up €69,910, from -€68,690 to €1,220
- Accrued charges and deferred income -€15,456
down €15,456 (-93.9%), from €16,456 to €1,000
- Gross operating margin +€33,161
up €33,161 (+23.3%), from €142,339 to €175,500
- Other operating charges -€15,359
down €15,359 (-85.2%), from €18,037 to €2,678
- Depreciation -€10,888
down €10,888 (-23.1%), from €47,153 to €36,265
- Financial income -€8,143
down €8,143 (-52.2%), from €15,598 to €7,455
- Staff costs -€6,517
down €6,517 (-11.2%), from €58,105 to €51,587
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €886,427 | €782,522 | -€103,905 | -11.7% |
| Fixed assets | 21/28 | €58,683 | €166,168 | +€107,485 | +183% |
| Intangible fixed assets | 21 | €14,029 | €6,828 | -€7,200 | -51.3% |
| Tangible fixed assets | 22/27 | €42,724 | €153,659 | +€110,935 | +260% |
| Plant, machinery and equipment | 23 | €32,070 | €151,845 | +€119,775 | +373% |
| Furniture and vehicles | 24 | €689 | €227 | -€462 | -67.1% |
| Other tangible fixed assets | 26 | €9,966 | €1,588 | -€8,378 | -84.1% |
| Financial fixed assets | 28 | €1,930 | €5,680 | +€3,750 | +194% |
| Current assets | 29/58 | €827,743 | €616,353 | -€211,390 | -25.5% |
| Stocks and contracts in progress | 3 | €137,560 | €150,171 | +€12,611 | +9.2% |
| Stocks | 30/36 | €137,560 | €150,171 | +€12,611 | +9.2% |
| Amounts receivable within one year | 40/41 | €583,696 | €315,671 | -€268,025 | -45.9% |
| Trade receivables | 40 | €383,628 | €309,047 | -€74,581 | -19.4% |
| Other amounts receivable | 41 | €200,067 | €6,624 | -€193,444 | -96.7% |
| Cash at bank and in hand | 54/58 | €74,211 | €143,593 | +€69,382 | +93.5% |
| Deferred charges and accrued income | 490/1 | €32,277 | €6,919 | -€25,358 | -78.6% |
| Total equity and liabilities | 10/49 | €886,427 | €782,522 | -€103,905 | -11.7% |
| Equity | 10/15 | €387,510 | €457,420 | +€69,910 | +18.0% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,690 | €1,220 | +€69,910 | |
| Amounts payable | 17/49 | €498,917 | €325,102 | -€173,815 | -34.8% |
| Amounts payable after more than one year | 17 | - | €112,000 | +€112,000 | |
| Financial debts | 170/4 | - | €112,000 | +€112,000 | |
| Amounts payable within one year | 42/48 | €482,461 | €212,102 | -€270,359 | -56.0% |
| Trade debts | 44 | €146,687 | €141,468 | -€5,219 | -3.6% |
| Suppliers | 440/4 | €146,687 | €141,468 | -€5,219 | -3.6% |
| Taxes, remuneration and social security | 45 | €9,728 | €10,922 | +€1,194 | +12.3% |
| Taxes | 450/3 | €8,286 | €9,232 | +€947 | +11.4% |
| Remuneration and social security | 454/9 | €1,442 | €1,690 | +€248 | +17.2% |
| Other amounts payable | 47/48 | €326,047 | €59,712 | -€266,335 | -81.7% |
| Accrued charges and deferred income | 492/3 | €16,456 | €1,000 | -€15,456 | -93.9% |
| Remuneration, social security and pensions | 62 | €58,105 | €51,587 | -€6,517 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,153 | €36,265 | -€10,888 | -23.1% |
| Other operating charges | 640/8 | €18,037 | €2,678 | -€15,359 | -85.2% |
| Gross operating margin | 9900 | €142,339 | €175,500 | +€33,161 | +23.3% |
| Operating profit (loss) | 9901 | €19,044 | €84,969 | +€65,925 | +346% |
| Financial income | 75/76B | €15,598 | €7,455 | -€8,143 | -52.2% |
| Recurring financial income | 75 | €15,598 | €7,455 | -€8,143 | -52.2% |
| Financial charges | 65/66B | €22,816 | €21,015 | -€1,802 | -7.9% |
| Recurring financial charges | 65 | €22,816 | €21,015 | -€1,802 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €11,826 | €71,410 | +€59,583 | +504% |
| Income taxes | 67/77 | €838 | €1,500 | +€662 | +79.0% |
| Profit (loss) for the period | 9904 | €10,988 | €69,910 | +€58,921 | +536% |
| Profit (loss) for the period to be appropriated | 9905 | €10,988 | €69,910 | +€58,921 | +536% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.